Відео

@@CanadianRealEstateChannel happy you found it helpful! I agree, it’ll be very interesting to see how this all plays out.

My pleasure

That's awesome! Hit me up when you're finishing up your courses :)

Welcome!

I get what you're saying (well sort of, I suspect you're smarter than I am) but I would push back on a few things. First, current valuations are based almost entirely on the supply and demand dynamic and the job market in Ottawa for the middle and upper-middle class is unusually stable and "recession-resistant". Second, while we did see some speculation here during the peak, it wasn't anywhere near the levels seen in markets like Toronto, Vancouver, etc. Builders in Ottawa generally include a clause in their purchase agreements that bars assignment sales, which greatly reduces the amount of wild speculation you see here compared to other markets. Finally, the current price of housing compared to median income is absolutely a challenge here but it's one that mostly impacts first time buyers. Anyone who already owns a home, especially if they purchased more than 4 years ago, is likely to be sitting on a sizeable amount of equity which allows them to move up if/when they choose. The drop off in sales volume we've seen over the last 2 years when compared to pre-covid figures can be explained, at least in part, by a lower number of first-time buyers entering the market than before however volume overall this year has remained healthy. I don't think we see a crash here. Whether we see a correction would largely depend on your definition of the term - one could argue we see a "correction" almost every calendar year if you cherrypick the data and compare spring to winter stats. In any case it's definitely an interesting debate!

Thanks for the kind words, I'm glad you're enjoying the videos! Orleans has a bit more inventory than the other major suburbs and prices are generally lower there than in places like Kanata, Riverside South, Barrhaven and Findlay Creek. There's still a lot of development land available around the boundary and there's a strong push to bring a major employer to the area to occupy future commercial space that would be built around the LRT stations. Overall I think it's a great area with very good value and a bright future :)

You’re the best! Thank you!

Thank you!!! 🙌🙌🙌

🤣🤣🤣

I totally agree with you I was raised in Kapuskasing and proud of it couldn’t ask for a better place to stay

@@MarlChugs thank you! Glad you’re enjoying our updates!!

My sister-in-law is from Timmins! I’m glad you enjoyed the video and welcome to the 613 😁 !

@@SergePapineauRealEstate wow, not sure if she's married if so can you share her maiden name? Curious if i know her. Lol yes 613 :) thanks

Right now, you're 100% right. The rental market in Ottawa is similar to the resale market of 2021 only the best offer doesn't always win. I recently had a medical doctor with great credit and reference lose out on a rental they offered on because the Seller preferred another applicant (offers were the same price). If you're not an A+ tenant you're in for a VERY tough time finding a rental. There are far better opportunities in the resale market right now for those who can afford that option.

@@SergePapineauRealEstateexactly! Main problem for us was tight budget and that their are newcomers for Canada but we managed to find place. Not perfect but the best from what we can find. Some realtors also mentioned that homeowners can ask for up to one year of rent (technically illegal but who cares) even if you make 100k per year 🫠

@@maks_bond I'm glad you managed to find something for them. It's incredibly hard to get landlords to accept newcomers (even though they often make for better tenants). A lot of landlords are asking for rent upfront but you're right, it's against the Residential Tenancies Act and a tenant can just turn around and require the landlord to return the upfront rent once the lease is signed. Never a good idea to operate outside the rules if you're a landlord, you're setting yourself up to lose should you ever wind up in a hearing.

Hard to disagree!

@@SergePapineauRealEstate

Awesome question. My answer might vary from person to person depending on their budget and what they're looking for in terms of lifestyle. That being said, 2 areas where I'm seeing really good value in general right now are Orleans and Hawthorne Meadows. Orleans costs less than the other suburbs while offering all the same benefits and better public transit. In Hawthorne Meadows, you'd get all the benefits of nearby central-ish areas like Alta Vista and Elmvale Acres, also for a much better price in comparison. Both of those areas are also safe, clean and good for young families.

Very good question! First, it's important to keep in mind that a home's value is always a range, not a set price. The higher you move up in price, the larger the range gets. So, for example, the range on a 500k home could be plus or minus 2-3% whereas the range on a 2 million dollar home would be plus or minus 10%. Sometimes when you see a difference in sale price between 2 similar properties, it can be explained by the fact that one seller had a very good agent and the other not so much. That being said, there are also a ton of factors to consider when pricing properties. Two properties may look to be very similar from a macro level (same neighborhood, similar age, size, etc.) but there can often be a number of important, less obvious, differences between the two that impact their values. If you'd like my opinion on your home's value, feel free to send me a private message with some details and I'd be happy to give you my initial thoughts :)

We covered condo stats in detail. Condo inventory ticked up in May but, as of June 1st, remains low in the grand scheme of things. Prices also shot up in May for condos which runs counter to claims of "stress deals flooding the market". Keep in mind that this applies strictly to the Ottawa real estate market. What you're describing is occurring, albeit in less dramatic fashion than you make it sound, in markets like Toronto and Vancouver, and it's very possible we'll see similar trends develop in Ottawa over the course of the next few months but it was not the case as of June 1 of this year.

I thought we did a good job with the visuals this month, both our charts and pink shirt were on point 😂

Enjoy! Great spot

​@@SergePapineauRealEstatenever mind my tire exploded when driving over there

😂😂😂

If I'm the one taking you I'm always buying, my friend.

Can’t stop. Won’t stop.

Where's the fun in that?

Hello! We don't service Gatineau but we do work in Ottawa. Please feel free to reach out to us and set up a time to chat!

Thank you for the kind words! I’m glad you enjoyed this month’s update!

Is hipster not being used anymore? Honest question, I'm too old to keep up

@@SergePapineauRealEstate It's very How do you do, fellow kids?, but I'm also an aging millennial so I totally get it lol!

@@obesia1873 haha, well in that case it's on brand for me 🤣

🤣 I love it - though the winner's dentist might have a different opinion

@@SergePapineauRealEstate One year supply insulin raffle at 100k subs, when you get Pfizer as a sponsor.

Congratulations!

Easy to fall in love with a home like this!

Thank you so much!!

Thank you for the kind words! Glad you enjoyed the video :)

Haha, this guy gets it 👊

Thank you!!!

Hahah I love it! We like to go off the beaten path 😂

Thank you!!! 🙌

Ni😊

@@sreekanthgadipelli1706 :)

Haha, I hear you on that. A lot of agents confuse average selling price with property value. When we look at November and December sales, the average sale price is usually lower than in the Spring months because the quality of the available inventory is worst in Nov/Dec.

​@@SergePapineauRealEstate69mjm4e⁴😊

We filmed it Friday and we’ll be putting it out this Monday!

The city sends it to you by mail or email if you’re set up for that service through MyOttawa. If you haven’t received it you can also find it on your tax bill

For 2023 the median house price in Ottawa ($612,000) was 5.6x the median household income. Believe it not that's below the Canadian average which is 8x median income. Ottawa was the 7th "most expensive" city if you go by that metric, ranking behind Victoria, Toronto, Vancouver, Hamilton, Montreal and Halifax. Safe to say the income to housing ratio stat is likely to get worst, not better. Also important to note that it does not take inflation and interest rates into account which factor heavily into affordability.

@@SergePapineauRealEstate sounds like we're in for a correction if the most affordable place is 2x above normal

@@Picklemedia what's "normal" changes with time. Taking a historical average and applying it to today is a slippery slope that fails to take a number of key environmental factors into account. So long as supply fails to keep up, much less meet demand, it will continue to put upward pressure on prices.

@@SergePapineauRealEstate how can you say we have a supply shortage when we have more homes per capita now than in the year 2000? That is a *lie* that Realtors use to emotionally manipulate people into fomo thinking. Homes per capita has been very consistent. In fact: Replacement rate in Canada is 1.4 babies per couple and immigration has been capped, so the opposite is becoming true.